-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, CPAg6HQy1irl7alIN5AUYYmctn17ORPhvJXS8GK5axBjxGLz2sfeuLH59M+R/+Tc GX22i8VkKWESmb0JDFezOw== 0000711642-00-000119.txt : 20000505 0000711642-00-000119.hdr.sgml : 20000505 ACCESSION NUMBER: 0000711642-00-000119 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20000331 FILED AS OF DATE: 20000504 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SHELTER PROPERTIES III LTD PARTNERSHIP CENTRAL INDEX KEY: 0000353282 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE [6500] IRS NUMBER: 570718508 STATE OF INCORPORATION: SC FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10QSB SEC ACT: SEC FILE NUMBER: 000-10260 FILM NUMBER: 619482 BUSINESS ADDRESS: STREET 1: 1873 SOUTH BELLAIRE STREET STREET 2: 17TH FLOOR CITY: DENVER STATE: CO ZIP: 80222 BUSINESS PHONE: 3037578101 MAIL ADDRESS: STREET 1: 1873 SOUTH BELLAIRE STREET STREET 2: 17TH FLOOR CITY: DENVER STATE: CO ZIP: 80222 10QSB 1 FIRST QUARTER 2000 FORM 10-QSB--QUARTERLY OR TRANSITIONAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Quarterly or Transitional Report U.S. SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-QSB (Mark One) [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2000 [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________to _________ Commission file number 0-10260 SHELTER PROPERTIES III (Exact name of small business issuer as specified in its charter) South Carolina 57-0718508 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 55 Beattie Place, P.O. Box 1089 Greenville, South Carolina 29602 (Address of principal executive offices) (864) 239-1000 (Issuer's telephone number) Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No____ PART I - FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS a) SHELTER PROPERTIES III CONSOLIDATED BALANCE SHEET (Unaudited) (in thousands, except per unit data) March 31, 2000 Assets Cash and cash equivalents $ 866 Receivables and deposits 141 Restricted escrows 738 Other assets 224 Investment properties: Land $ 1,281 Buildings and related personal property 26,258 27,539 Less accumulated depreciation (16,352) 11,187 $ 13,156 Liabilities and Partners' (Deficit) Capital Liabilities Accounts payable $ 95 Tenant security deposit liabilities 105 Accrued property taxes 98 Other liabilities 399 Mortgage notes payable 7,843 Partners' (Deficit) Capital General partners $ (86) Limited partners (55,000 units issued and outstanding) 4,702 4,616 $ 13,156 See Accompanying Notes to Consolidated Financial Statements b) SHELTER PROPERTIES III CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (in thousands, except unit data) Three Months Ended March 31, 2000 1999 Revenues: Rental income $1,317 $1,279 Other income 104 85 Total revenues 1,421 1,364 Expenses: Operating 606 561 General and administrative 60 55 Depreciation 260 230 Interest 156 185 Property taxes 83 95 Total expenses 1,165 1,126 Net income $ 256 $ 238 Net income allocated to general partners (1%) $ 3 $ 2 Net income allocated to limited partners (99%) 253 236 $ 256 $ 238 Net income per limited partnership unit $ 4.60 $ 4.29 See Accompanying Notes to Consolidated Financial Statements c) SHELTER PROPERTIES III CONSOLIDATED STATEMENT OF CHANGES IN PARTNERS' (DEFICIT) CAPITAL (Unaudited) (in thousands, except unit data)
Limited Partnership General Limited Units Partners Partners Total Original capital contributions 55,000 $ 2 $27,500 $27,502 Partners' (deficit) capital at December 31, 1999 55,000 $ (89) $ 4,449 $ 4,360 Net income for the three months ended March 31, 2000 -- 3 253 256 Partners' (deficit) capital at March 31, 2000 55,000 $ (86) $ 4,702 $ 4,616 See Accompanying Notes to Consolidated Financial Statements
d) SHELTER PROPERTIES III CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (in thousands)
Three Months Ended March 31, 2000 1999 Cash flows from operating activities: Net income $ 256 $ 238 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 260 230 Amortization of discounts and loan costs 26 25 Change in accounts: Receivables and deposits 296 166 Other assets (53) (47) Accounts payable (19) 12 Tenant security deposit liabilities (1) (7) Accrued property taxes (59) (159) Other liabilities (57) 20 Net cash provided by operating activities 649 478 Cash flows from investing activities: Property improvements and replacements (202) (67) Net (deposits to) withdrawals from restricted escrows (168) 86 Net cash (used in) provided by investing activities (370) 19 Cash flows from financing activities: Payments on mortgage notes payable (68) (62) Net cash used in financing activities (68) (62) Net increase in cash and cash equivalents 211 435 Cash and cash equivalents at beginning of period 655 630 Cash and cash equivalents at end of period $ 866 $ 1,065 Supplemental disclosure of cash flow information: Cash paid for interest $ 154 $ 160 See Accompanying Notes to Consolidated Financial Statements
e) SHELTER PROPERTIES III NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) Note A - Basis of Presentation The accompanying unaudited consolidated financial statements of Shelter Properties III (the "Partnership" or "Registrant") have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-QSB and Item 310 (b) of Regulation S-B. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of Shelter Realty III Corporation (the "Corporate General Partner"), all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three month period ended March 31, 2000, are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2000. For further information, refer to the consolidated financial statements and footnotes thereto included in the Partnership's Annual Report on Form 10-KSB for the year ended December 31, 1999. Principles of Consolidation The financial statements include all of the accounts of the Partnership and its 99.99% owned partnership. The Corporate General Partner of the consolidated partnership is Shelter Realty III Corporation. Shelter Realty III Corporation may be removed as the general partner of the consolidated partnership by the Registrant; therefore, the consolidated partnership is controlled and consolidated by the Registrant. All significant interpartnership balances have been eliminated. Note B - Transfer of Control Pursuant to a series of transactions which closed on October 1, 1998 and February 26, 1999, Insignia Financial Group, Inc. and Insignia Properties Trust merged into Apartment Investment and Management Company ("AIMCO"), a publicly traded real estate investment trust, with AIMCO being the surviving corporation (the "Insignia Merger"). As a result, AIMCO acquired 100% ownership interest in the Corporate General Partner. The Corporate General Partner does not believe that this transaction has had or will have a material effect on the affairs and operations of the Partnership. Note C - Reconciliation of Cash Flows The following is a reconciliation of the subtotal on the accompanying consolidated statements of cash flows captioned "net cash provided by operating activities" to "net cash used in operations", as defined in the Partnership Agreement. However, "net cash used in operations" should not be considered an alternative to net income as an indicator of the Partnership's operating performance or to cash flows as a measure of liquidity. For the Three Months Ended March 31, 2000 1999 (in thousands) Net cash provided by operating activities $ 649 $ 478 Payments on mortgage notes payable (68) (62) Property improvements and replacements (202) (67) Change in restricted escrows, net (168) 86 Changes in reserves for net operating liabilities (107) 15 Additional reserves (104) (450) Net cash provided by operations $ -- $ -- The Corporate General Partner reserved approximately $104,000 and $450,000 at March 31, 2000 and 1999, respectively to fund capital improvements and repairs at the Partnership's four investment properties. Note D - Transactions with Affiliated Parties The Partnership has no employees and is dependent on the Corporate General Partner and its affiliates for the management and administration of all partnership activities. The Partnership Agreement provides for (i) payments to affiliates for services and (ii) reimbursement of certain expenses incurred by affiliates on behalf of the Partnership. The following amounts were paid or accrued to the Corporate General Partner and affiliates during the three months ended March 31, 2000 and 1999. 2000 1999 (in thousands) Property management fees (included in operating expenses) $ 72 $ 70 Reimbursement for services of affiliates (included in operating and general and administrative expenses and investment properties) 27 27 Due to general partners 185 185 Due from general partners 11 11 During the three months ended March 31, 2000 and 1999, affiliates of the Corporate General Partner were entitled to receive 5% of gross receipts from all of the Registrant's properties for providing property management services. The Registrant paid to such affiliates approximately $72,000 and $70,000 for the three months ended March 31, 2000 and 1999, respectively. An affiliate of the Corporate General Partner received reimbursement of accountable administrative expenses amounting to approximately $27,000 for both the three months ended March 31, 2000 and 1999. During 1986 a liability of approximately $185,000 was incurred to the general partners for sales commissions earned. Pursuant to the Partnership Agreement, this liability cannot be paid until certain levels of returns are received by the limited partners. As of March 31, 2000, the level of return to the limited partners has not been met. On September 26, 1997, an affiliate of the General Partner purchased Lehman Brothers Class "D" subordinated bonds of SASCO, 1992-M1. These bonds are secured by 55 multi-family apartment mortgage loan pairs held in Trust, including Essex Park Apartments, Colony House Apartments, and Willowick Apartments owned by the Partnership. AIMCO and its affiliates currently own 30,244 limited partnership units in the Partnership representing 54.989% of the outstanding units. A number of these units were acquired pursuant to tender offers made by AIMCO or its affiliates. It is possible that AIMCO or its affiliates will make one or more additional offers to acquire additional limited partnership interests in the Partnership for cash or in exchange for units in the operating partnership of AIMCO. Under the Partnership Agreement, unitholders holding a majority of the Units are entitled to take action with respect to a variety of matters. As a result of its ownership of 54.989% of the outstanding units, AIMCO is in a position to influence all voting decisions with respect to the Registrant. When voting on matters, AIMCO would in all likelihood vote the Units it acquired in a manner favorable to the interest of the Corporate General Partner because of their affiliation with the Corporate General Partner. Note E - Segment Reporting Description of the types of products and services from which the reportable segment derives its revenue: The Partnership has one reportable segment: residential properties. The Partnership's residential property segment consists of four apartment complexes located in Georgia, South Carolina (2), and Tennessee. The Partnership rents apartment units to tenants for terms that are typically twelve months or less. Measurement of segment profit or loss: The Partnership evaluates performance based on segment profit (loss) before depreciation. The accounting policies of the reportable segment are the same as those described in the Partnership's Annual Report on Form 10-KSB for the year ended December 31, 1999. Factors management used to identify the enterprise's reportable segment: The Partnership's reportable segment consists of investment properties that offer similar products and services. Although each of the investment properties is managed separately, they have been aggregated into one segment as they provide similar types of products and customers. Segment information for the three months ended March 31, 2000 and 1999 is shown in the tables below. The "Other" column includes partnership administration related items and income and expense not allocated to the reportable segment. 2000 Residential Other Totals (in thousands) Rental income $ 1,317 $ -- $ 1,317 Other income 102 2 104 Interest expense 156 -- 156 Depreciation 260 -- 260 General and administrative expense -- 60 60 Segment profit (loss) 314 (58) 256 Total assets 12,979 177 13,156 Capital expenditures for investment properties 202 -- 202 1999 Residential Other Totals (in thousands) Rental income $ 1,279 $ -- $ 1,279 Other income 81 4 85 Interest expense 185 -- 185 Depreciation 230 -- 230 General and administrative expense -- 55 55 Segment profit (loss) 289 (51) 238 Total assets 12,785 537 13,322 Capital expenditures for investment properties 67 -- 67 Note F - Legal Proceedings In March 1998, several putative unit holders of limited partnership units of the Partnership commenced an action entitled Rosalie Nuanes, et al. v. Insignia Financial Group, Inc., et al. in the Superior Court of the State of California for the County of San Mateo. The plaintiffs named as defendants, among others, the Partnership, the Corporate General Partner and several of their affiliated partnerships and corporate entities. The action purports to assert claims on behalf of a class of limited partners and derivatively on behalf of a number of limited partnerships (including the Partnership) which are named as nominal defendants, challenging the acquisition by Insignia Financial Group, Inc. ("Insignia") and entities which were, at one time, affiliates of Insignia ("Insignia Affiliates") of interests in certain general partner entities, past tender offers by Insignia Affiliates to acquire limited partnership units, the management of partnerships by Insignia Affiliates and the Insignia Merger (see "Note B - Transfer of Control"). The plaintiffs seek monetary damages and equitable relief, including judicial dissolution of the Partnership. On June 25, 1998, the Corporate General Partner filed a motion seeking dismissal of the action. In lieu of responding to the motion, the plaintiffs have filed an amended complaint. The Corporate General Partner filed demurrers to the amended complaint which were heard February 1999. Pending the ruling on such demurrers, settlement negotiations commenced. On November 2, 1999, the parties executed and filed a Stipulation of Settlement settling claims, subject to final court approval, on behalf of the Partnership and all limited partners who own units as of November 3, 1999. Preliminary approval of the settlement was obtained on November 3, 1999 from the Superior Court of the State of California, County of San Mateo, at which time the Court set a final approval hearing for December 10, 1999. Prior to the December 10, 1999 hearing the Court received various objections to the settlement, including a challenge to the Court's preliminary approval based upon the alleged lack of authority of class plaintiffs' counsel to enter the settlement. On December 14, 1999, the Corporate General Partner and its affiliates terminated the proposed settlement. Certain plaintiffs have filed a motion to disqualify some of the plaintiffs' counsel in the action. The Corporate General Partner does not anticipate that costs associated with this case will be material to the Partnership's overall operations. The Partnership is unaware of any other pending or outstanding litigation that is not of a routine nature arising in the ordinary course of business. Item 2. Management's Discussion and Analysis or Plan of Operation The matters discussed in this Form 10-QSB contain certain forward-looking statements and involve risks and uncertainties (including changing market conditions, competitive and regulatory matters, etc.) detailed in the disclosures contained in this Form 10-QSB and the other filings with the Securities and Exchange Commission made by the Registrant from time to time. The discussions of the Registrant's business and results of operations, including forward-looking statements pertaining to such matters, does not take into account the effects of any changes to the Registrant's business and results of operations. Accordingly, actual results could differ materially from those projected in the forward-looking statements as a result of a number of factors, including those identified herein. The Partnership's investment properties consist of four apartment complexes. The following table sets forth the average occupancy of the properties for each of the three months ended March 31, 2000 and 1999 Average Occupancy Property 2000 1999 Essex Park Apartments Columbia, South Carolina 91% 93% Colony House Apartments Mufreesboro, Tennessee 94% 85% North River Village Apartments Atlanta, Georgia 92% 94% Willowick Apartments Greenville, South Carolina 95% 94% The Corporate General Partner attributes the increase in occupancy at Colony House Apartments to the management's intensified marketing and promotion efforts. Results of Operations The Registrant's net income for the three months ended March 31, 2000 was approximately $256,000 as compared to approximately $238,000 for the three months ended March 31, 1999. The increase in net income was due to an increase in total revenues which were partially offset by an increase in total expenses. The increase in total revenues was primarily due to an increase in rental income and, to a lesser extent, an increase in other income. Rental income increased due to an increase in average annual rental rates at all four of the Registrant's investment properties. Rental income also increased due to an increase in occupancy at two of the Registrant's investment properties which was slightly offset by a decrease in occupancy at the Registrant's two remaining investment properties. Other income increased due to an increase in miscellaneous income at North River Village Apartments. Total expenses increased as a result of increases in operating and depreciation expense, which was slightly offset by a decrease in interest expense and property tax expense. The increase in operating expenses was due to increases in administrative and maintenance expenses. Administrative expense increased due to small increases in business licenses and permits, tax service and office expense at all four investment properties. Maintenance expense increased due to interior painting projects at Colony House Apartments and Essex Park Apartments. Depreciation expense increased due to increased property improvements and replacements at all four investment properties. These increases were slightly offset by a decrease in interest expense due to the reduction in principal balances on the properties mortgages. Property tax expense decreased due to the timing of the receipt of property tax billings. General and administrative expense remained relatively constant for the three months ended March 31, 2000. Included in general and administrative expenses for the three months ended March 31, 2000 and 1999 are management reimbursements to the Corporate General Partner allowed under the Partnership Agreement. Also included in general and administrative expenses were costs associated with the quarterly and annual communications with investors and regulatory agencies and the annual audit and appraisals required by the Partnership Agreement. As part of the ongoing business plan of the Registrant, the Corporate General Partner monitors the rental market environments of its investment properties to assess the feasibility of increasing rents, maintaining or increasing occupancy levels and protecting the Partnership from increases in expenses. As part of this plan, the Corporate General Partner attempts to protect the Partnership from the burden of inflation-related increases in expenses by increasing rents and maintaining a high overall occupancy level. However, due to changing market conditions which can result in the use of rental concessions and rental reductions to offset softening market conditions, there is no guarantee that the Corporate General Partner will be able to sustain such a plan. Liquidity and Capital Resources At March 31, 2000, the Registrant had cash and cash equivalents of approximately $866,000 as compared to approximately $1,065,000 at March 31, 1999. Cash and cash equivalents increased approximately $211,000 for the three months ended March 31, 2000 from the Registrant's year end, primarily due to approximately $649,000 of cash provided by operating activities, which was partially offset by approximately $370,000 of cash used in investing activities and approximately $68,000 of cash used in financing activities. Cash used in investing activities consisted of property improvements and replacements at all four of the Partnership's investment properties and net deposits to the restricted escrow accounts maintained by the mortgage lender. Cash used in financing activities consisted of payments of principal made on the mortgages encumbering the Registrant's properties. The Registrant invests its working capital reserves in money market accounts. The sufficiency of existing liquid assets to meet future liquidity and capital expenditure requirements is directly related to the level of capital expenditures required at the investment properties to adequately maintain the physical assets and other operating needs of the Registrant and to comply with Federal, state, local, legal, and regulatory requirements. Capital improvements completed at each of the Registrant's properties are detailed below. Essex Park Apartments The Partnership has budgeted approximately $223,000 for capital improvements during 2000 at Essex Park Apartments, consisting primarily of appliances, floor coverings, plumbing improvements, and other building improvements. The Partnership has completed approximately $29,000 in capital expenditures as of March 31, 2000, consisting primarily of floor covering and appliance replacements. These improvements were funded primarily from replacement reserves. Colony House Apartments The Partnership has budgeted approximately $117,000 for capital improvements during 2000 at Colony House Apartments consisting primarily of appliances, floor coverings, swimming pool improvements, and air conditioning improvements. The Partnership has completed approximately $71,000 in capital expenditures as of March 31, 2000, consisting primarily of floor covering, appliance replacement, and major sewer replacements. These improvements were funded primarily from replacement reserves and operations. North River Village Apartments The Partnership has budgeted approximately $164,000 for capital improvements during 2000 at North River Village Apartments, consisting primarily of appliances, floor coverings and plumbing improvements. The Partnership has completed approximately $67,000 in capital expenditures as of March 31, 2000, consisting primarily of floor covering, appliances, and HVAC replacements and parking lot improvements. These improvements were funded primarily from operations. Willowick Apartments The Partnership has budgeted approximately $70,000 for capital improvements during 2000 at Willowick Apartments, consisting primarily of appliances, floor coverings, major landscaping and clubhouse renovations. The Partnership has completed approximately $35,000 in capital expenditures as of March 31, 2000, consisting primarily of floor covering, lighting and appliance replacements. These improvements were funded primarily from replacement reserves. The additional capital expenditures will be incurred only if cash is available from operations and Partnership reserves. To the extent that such budgeted capital improvements are completed, the Registrant's distributable cash flow, if any, may be adversely affected at least in the short term. The Registrant's current assets are thought to be sufficient for any near term needs (exclusive of capital improvements) of the Registrant. The mortgage indebtedness of approximately $7,843,000, net of discount, is amortized over varying periods with balloon payments due from November 15, 2002 to October 15, 2003. The Corporate General Partner will attempt to refinance such indebtedness and/or sell the properties prior to such maturity date. If the properties cannot be refinanced or sold for a sufficient amount, the Registrant will risk losing such properties through foreclosure. There were no cash distributions made for either of the three months ended March 31, 2000 or 1999. Future cash distributions will depend on the levels of net cash generated from operations, the availability of cash reserves, and the timing of debt maturities, refinancings, and/or property sales. The Partnership's distribution policy is reviewed on a semi-annual basis. There can be no assurance, however, that the Partnership will generate sufficient funds from operations, after planned capital improvement expenditures, to permit any additional distributions to its partners in 2000 or subsequent periods. In addition, the Partnership may be restricted from making distributions if the amount in the reserve account for each property maintained by the mortgage lender is less than $400 per apartment unit at Colony House Apartments, Essex Park Apartments, and Willowick Apartments and $200 per apartment unit at North River Village Apartments. As of March 31, 2000 the reserve account was fully funded with approximately $661,000 on deposit with the mortgage lender. PART II - OTHER INFORMATION ITEM 1. LEGAL PROCEEDINGS In March 1998, several putative unit holders of limited partnership units of the Partnership commenced an action entitled Rosalie Nuanes, et al. v. Insignia Financial Group, Inc., et al. in the Superior Court of the State of California for the County of San Mateo. The plaintiffs named as defendants, among others, the Partnership, the Corporate General Partner and several of their affiliated partnerships and corporate entities. The action purports to assert claims on behalf of a class of limited partners and derivatively on behalf of a number of limited partnerships (including the Partnership) which are named as nominal defendants, challenging the acquisition by Insignia Financial Group, Inc. ("Insignia") and entities which were, at one time, affiliates of Insignia ("Insignia Affiliates") of interests in certain general partner entities, past tender offers by Insignia Affiliates to acquire limited partnership units, the management of partnerships by Insignia Affiliates and the Insignia Merger (see "Part 1 - Financial Information, Item 1. Financial Statements, Note B - Transfer of Control"). The plaintiffs seek monetary damages and equitable relief, including judicial dissolution of the Partnership. On June 25, 1998, the Corporate General Partner filed a motion seeking dismissal of the action. In lieu of responding to the motion, the plaintiffs have filed an amended complaint. The Corporate General Partner filed demurrers to the amended complaint which were heard February 1999. Pending the ruling on such demurrers, settlement negotiations commenced. On November 2, 1999, the parties executed and filed a Stipulation of Settlement, settling claims, subject to final court approval, on behalf of the Partnership and all limited partners who own units as of November 3, 1999. Preliminary approval of the settlement was obtained on November 3, 1999 from the Superior Court of the State of California, County of San Mateo, at which time the Court set a final approval hearing for December 10, 1999. Prior to the December 10, 1999 hearing the Court received various objections to the settlement, including a challenge to the Court's preliminary approval based upon the alleged lack of authority of class plaintiffs' counsel to enter the settlement. On December 14, 1999, the Corporate General Partner and its affiliates terminated the proposed settlement. Certain plaintiffs have filed a motion to disqualify some of the plaintiffs' counsel in the action. The Corporate General Partner does not anticipate that costs associated with this case will be material to the Partnership's overall operations. ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K a) Exhibits: Exhibit 27, Financial Data Schedule, is filed as an exhibit to this report. b) Reports on Form 8-K filed during the quarter ended March 31, 2000: None. SIGNATURES In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. SHELTER PROPERTIES III By: Shelter Realty III Corporation Corporate General Partner By: /s/Patrick J. Foye Patrick J. Foye Executive Vice President By: /s/Martha L. Long Martha L. Long Senior Vice President and Controller Date: May 4, 2000 EX-27 2 FIRST QUARTER 10-QSB
5 This schedule contains summary financial information extracted from Shelter Properties III 2000 First Quarter 10-QSB and is qualified in its entirety by reference to such 10-QSB filing. 0000353282 Shelter PropertiesIII 1,000 3-MOS DEC-31-2000 JAN-01-2000 MAR-31-2000 866 0 141 0 0 0 27,539 16,352 13,156 0 7,843 0 0 0 4,616 13,156 0 1,421 0 0 1,165 0 156 0 0 0 0 0 0 256 4.60 0 Registrant has an unclassified balance sheet. Multiplier is 1.
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